PM directs streamlining of project approvals to boost investment

Prime Minister Tarique Rahman has ordered authorities to simplify the project approval process as part of a strategic push to attract both domestic and international investors.

The directive was issued during a high-level meeting at the Prime Minister’s Office within the Cabinet Division at the Bangladesh Secretariat on Monday. 

The session focused on the current status of state-owned factories under the Ministry of Textiles and Jute that have been dormant for years, and the measures required to bring them back into production.

The Prime Minister emphasized that the government is dedicated to fostering an investment-friendly climate. He noted that the primary hurdle to this goal is the existing bureaucratic complexity, which often discourages potential investors. 

During the discussions, senior officials highlighted that the lengthy duration required for final project clearances often dampens investor enthusiasm. They also pointed to the redundant requirement of securing permissions from numerous departments as a significant barrier.

In response, the Prime Minister instructed the concerned ministries to modernize and expedite the approval framework. He specifically called for the removal of non-essential departments from the clearance process to ensure a more efficient "one-stop" experience.

Furthermore, the Prime Minister pledged full government support to those showing genuine interest in revitalizing long-closed state factories. He stressed the importance of improving access to credit for private investors interested in these facilities and directed relevant ministers to take immediate action to facilitate such financing.

The meeting was attended by key cabinet members and senior officials, including Commerce, Industry, Textiles, and Jute Minister Khandaker Abdul Muktadir Chowdhury, Political and Industrial Adviser Ruhul Kabir Rizvi, and Finance and Planning Adviser Dr. Rashed Al Mahmud Titumir. Also present were BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun and the chairmen of both the Bangladesh Textile Mills Corporation and the Bangladesh Jute Mills Corporation.